GameStop Corp. (NYSE:GME) shares rose more than 2% in early premarket activity on Wednesday, though gains later tapered, following news that the company has made a major investment in bitcoin. The video game retailer disclosed in a regulatory filing that it had acquired approximately 4,710 bitcoins, valued at around $513 million.
This marks GameStop’s first substantial move into cryptocurrencies since signaling its interest in digital assets earlier in the year. The filing did not specify the timeline of the purchases.
The decision comes as bitcoin has been trading at historic highs, hovering between $107,000 and $112,000 recently, and reaching an all-time peak of $111,953.6. Amid macroeconomic uncertainty, more companies are eyeing crypto investments as a hedge against inflation and as a potential long-term growth play.
The investment strategy is reminiscent of MicroStrategy Incorporated (NASDAQ: MSTR), which pivoted from software to become a major institutional bitcoin holder. GameStop seems to be positioning itself similarly as it continues to reshape its business model beyond brick-and-mortar game sales.
In a broader context, this move reflects GameStop’s ongoing efforts to modernize and digitally transform its operations. The company has been emphasizing its e-commerce presence and looking to align with shifting consumer behaviors.
Although the company didn’t confirm exactly when it made the bitcoin purchases, this development is consistent with prior guidance. In March, GameStop announced plans to explore exposure to digital assets as part of a refreshed strategic vision.
The company’s pivot into cryptocurrency signals growing acceptance of digital assets within corporate strategies. As of Wednesday morning, GameStop shares were up 1.5% premarket, with investors reacting to the high-risk, high-reward nature of the move.